Plastic Formwork Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is poised to hold largest revenue share of 37% by 2035. The market growth in the region is also expected on account of rising construction activity, fast urbanization, and government programs to support affordable housing and sustainable construction practices. There could be an additional 2.5 billion people living in urban areas by 2050 as a result of urbanization—the gradual movement of people from rural to urban areas—and global population growth. Nearly 90% of this increase is expected to occur in Asia, according to a new United Nations’ data set. Also, increase in demand for green buildings is contributing to the growth of the plastic formwork market in the region.
China's market for plastic formwork is expanding as a result of rising expenditures for infrastructure construction. The Chinese government is concentrating on building more roads, bridges, and tunnels as part of its transportation network expansion, which calls for effective and affordable formwork solutions. According to a report, fixed-asset investment in China's transportation sector exceeded 18 trillion yuan between 2019 and 2023.
Korean construction firms, with their aggressively acquired competitive advantages, will continue to extend into further international markets, participating in major reconstruction and infrastructure projects and likely becoming a global force, which is influencing the growth of plastic formwork in the region. According to the data privacy framework, services rendered abroad accounted for almost 13% of the overall income earned by Korean construction companies in 2019. Korea is still very focused on growing its earnings from ventures abroad.
European Market Insights
The Europe region will also observe lucrative growth for the plastic formwork market during the forecast period and will hold the second position owing to the growing popularity of innovative materials like plastic formwork. In addition to this, the strict environmental rules are another factor impacting the growth of the plastic formwork market in the region.
According to the European Environmental Bureau, beginning at the end of 2026, the EU will finally develop green public procurement (GPP) regulations for building materials. If these proposed regulations are successful in resolving the current fragmentation of GPP systems across Member States, they may guarantee green products with public spending on construction activities, which accounts for 14% of the EU's GDP.
The growing demand for retrofitting existing structures will drive the growth of the plastic formwork market in the UK. According to the UK Green Building Council, the UK's Retrofit for the Future initiative served as the impetus for the retrofit of more than 100 homes, with the goal of reducing each property's in-use CO2 emissions by 80%.
